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What Should Your 401(k) Balance Be at Your Age? Here Is the Average and How to Close the Gap.
When it comes to saving for retirement, a 401(k) is a popular account and with good reason. Your employer may not only offer a 401(k) but may automatically enroll you in one. In some cases, companies match your 401(k) contributions, allowing you to earn essentially "free" extra money for retirement just by investing.Unfortunately, while a 401(k) is a great account, many people simply are not investing enough in it to set themselves up for the financial security they deserve. And that's a problem, given that Social Security only replaces about 40% of pre-retirement income, which isn't nearly enough to live on. If you're not sure if you're on track to a secure retirement, let's take a look at the average 401(k) contributions, as well as how much you probably should have saved to see where you stand.Continue readingWeiter zum vollständigen Artikel bei MotleyFool
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Quelle: MotleyFool